Publisher: CEE Management GmbH
CEE Group sells UK PV portfolio to Greencoat Solar
Hamburg / London (renewablepress) - German asset manager CEE Group completed the sale of its portfolio of three solar farms in the UK to Greencoat Solar Assets II at the end of 2018. The portfolio has a total capacity of 60.4 megawatts, taking Greencoat Solar’s aggregate installed capacity above 600MW.
CEE Group acquired the Bicester PV farm in 2014 and the Aston Clinton and Homestead PV farms in 2015 from BayWa who originally developed the sites. The portfolio has demonstrated strong operational performance throughout CEE’s ownership, and CEE will continue to manage the three solar farms on behalf of Greencoat.
Detlef Schreiber, CEO, CEE Group said “We are pleased with the sale of our UK solar portfolio to Greencoat, an experienced owner and operator of solar assets. The sale is in line with CEE’s strategic objective of refocusing on our core business in Germany and France and expanding into new continental European markets. We look forward to announcing further developments as they arise.”
Lee Moscovitch, Partner at Greencoat Capital, investment advisor to Greencoat Solar Assets II, said: “We are delighted to acquire CEE’s high-quality assets, adding three more solar parks of significant size to our growing portfolio, and taking our installed capacity to more than 600MW. The visible pipeline of assets remains strong, and we remain very confident in the significant aggregation opportunity in UK solar.”
CEE Group was advised by Norton Rose Fulbright.
Greencoat was advised by Evergy Engineering and Watson Farley & Williams.
The CEE Group, which is headquartered in Hamburg, is a private equity group that specializes in investing in physical assets and manages assets of approximately EUR 1.4 billion. CEE invests in energy generation projects in wind and solar PV. CEE Group’s investors are institutional investors with a long-term interest in the market for investments in renewables and physical assets. CEE Group was acquired by Brookfield Asset Management in 2017.
About Greencoat Capital
Greencoat Capital LLP is a specialist asset manager dedicated to the resource efficiency and renewable energy sectors. It has offices in London and Dublin and more than £3bn under management, making it one of the largest such fund managers in Europe. It was founded in 2009 and currently has fund mandates with segregated strategies in wind infrastructure, solar infrastructure and private equity.
About Greencoat Solar
Greencoat Solar is a platform within Greencoat Capital managing two funds (Greencoat Solar I LP and Greencoat Solar II LP) with in excess of £1.2 billion in commitments. Greencoat Solar owns and operates ground mount solar PV generation assets which provide a robust, inflation-linked income to investors. Acquisitions are made with long-term investment horizons. Greencoat Solar funds currently own over 600MW of generation capacity across 78 projects around the UK.
Hamburg / London, 10 January 2019
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